Institutional Reforms and Investor Reactions to CSR Announcements: Evidence from an Emerging Economy
研究了南非企业在制度变革期间发布企业社会责任公告对股价的影响，发现改革后期发布的公告获得投资者积极反应，且金额较大的公告带来更高股东回报。
abstract This study contributes to the limited established empirical research on the impact and relevance of corporate social responsibility (CSR) in the capital markets of emerging economies. We conducted an event study to demonstrate how the timing of CSR announcements by firms that have aligned their strategies to newly instituted social regulations in South Africa influenced stock prices. Using a unique dataset of publicly listed South African enterprises that undertook CSR initiatives during the ten year period from 1996 to 2005, we found that investor reactions to CSR announcements concluded during the late phase of institutional reforms are viewed positively by investors. Furthermore, CSR announcements of substantive monetary value result in significantly higher shareholder returns.